Before you reading, did you missed the PEPE? No worries, click here to 100x potential memes! SC Ventures and Japan’s financial giant, SBI Holdings, have decided to establish a $100 million Digital Asset Joint Venture investment company in the United Arab Emirates. In May, Standar...
- SC Ventures and Japan’s financial giant, SBI Holdings, have decided to establish a $100 million Digital Asset Joint Venture investment company in the United Arab Emirates.
- In May, Standard Chartered announced plans to launch digital asset custody services supported by its subsidiary, Zodia Custody, in the United Arab Emirates.
- The Dubai International Financial Centre (DIFC) congratulated SC Ventures and SBI Holdings for shaping the future of the digital asset industry with the Digital Asset Joint Venture.
SC Ventures, the investment and venture arm of Standard Chartered, has launched a fund to invest in the crypto ecosystem in partnership with SBI Holdings.
SC Ventures and SBI Holdings Launch Crypto Ecosystem Investment
SC Ventures, the investment and venture arm of Standard Chartered, and Japan’s financial giant SBI Holdings have decided to establish a $100 million Digital Asset Joint Venture investment company in the United Arab Emirates. These companies plan to invest in digital asset firms in the context of traditional financial service companies entering the crypto ecosystem.
SC Ventures and SBI Holdings are creating a $100 million investment vehicle to invest in companies operating in the digital asset market infrastructure, risk and compliance tools, DeFi, tokenization, payments, and Metaverse, among other areas.
“The Digital Asset Joint Venture will be a significant tool for exploring opportunities in the emerging digital asset ecosystem worldwide. The Joint Venture will leverage SC Ventures’ experience with digital assets through ventures such as Zodia Custody, Zodia Markets, fintech investments like Ripple and Metaco,” said SC Ventures CEO Alex Manson.
In May, Standard Chartered announced plans to launch digital asset custody services in the United Arab Emirates, supported by its subsidiary, Zodia Custody. The country has a growing crypto asset ecosystem with crypto-friendly regulations.
The Dubai International Financial Centre (DIFC) congratulated SC Ventures and SBI Holdings for shaping the future of the digital asset industry with the Digital Asset Joint Venture, marking a first-of-its-kind collaboration.
Ripple Makes a Significant Contribution
Ripple plays a significant role in these developments as a portfolio company of SC Ventures and a partner of SBI Holdings. Ripple recently acquired Metaco for $250 million as its first major acquisition. Both Standard Chartered’s exit and Ripple’s acquisition of Metaco took place in May of this year.
Recently, Ripple announced that XRP is now approved under the Dubai Financial Services Authority’s virtual asset regime, allowing DIFC-registered firms to include XRP in their virtual asset services.
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